Chilliwack – Not surprisingly, home sales in Chilliwack and Area slowed a bit in January in response to tightened guidelines for mortgage qualifications.
Still a hair above the 182 sales posted in January of last year, last month recorded 184 sales in all types of properties, ranging from apartments & condominiums to houses with acreage.
“While no doubt the newly tightened mortgage qualifications played a role, the lack of inventory remains a concern locally,” said Greg Nord-Leth, Chilliwack and District Real Estate Board (CADREB) President. “REALTORS® report that it is becoming increasingly difficult to find properties that meet their client’s wish list”.
At the end of January, there were 663 current listings. Ideally, to fulfil the needs of buyers seeking specific neighbourhoods, that number should be above 1,000, added Mr. Nord-Leth.
“It’s the lowest number of listings in more than a decade. It remains very much a seller’s market.”
Of the 184 homes that sold in January, the highest number (25) sold in the $450,000-$499,999 range. It was followed by 18 sales in the $550,000-$599,999 range, and 17 in the $600,000-$649,999 level. There were two sales of homes over the $1 million mark, with one of them topping $1.5 million.
“We continue to see an influx of interested buyers from Greater Vancouver and surrounding areas,” noted the CADREB President.
“A million dollars is a lot of money, but that may only buy you an older home in the Metro area in need of renovation, but it buys a luxury home here. There is little hope of buying more than a small condo in Vancouver for $500,000, but that could buy you a home with a yard in the Eastern Fraser Valley.”
Even with heightened “stress test” borrowing guidelines, there are buyers out there!
If you have considered listing to downsize, or have sufficient equity to move up, it’s an excellent time to list. With interest rates recently nudged upwards and hints of more increases to come, it bears repeating that the timing is excellent.
Stephen A Lerigny CRAE
Chilliwack and District Real Estate Board